Renting vs. Buying for Seniors
As you age, finding the right living arrangement can be tricky. Many want an affordable home that meets their needs that helps maintain their independence. Whether you are looking for your own senior-friendly home or searching for a loved one, you’ll likely find yourself trying to decide between two options: renting and buying.
To help you make an informed decision, we’ll go through the advantages of renting and how senior cottages or apartments just might be the best choice for you.
The Advantages of Renting Over Buying as a Senior
Renting is a popular choice for seniors, but might not always be your first thought when searching for a new space. If you are new to the rental market, here are some quick benefits to consider:
More Cost-Effective
The most significant advantage of renting as a senior is the cost. For those that live on a fixed income, the cost of renting a home is often far less than paying a mortgage and keeping up with the expenses of homeownership.
Things such as property taxes, electricity, heat, air conditioning and water may be included in monthly rent. Apartments or cottages can be affordable and easy to maintain depending on the location, making them a more budget-friendly option over homeownership.
Easier Upkeep
Keeping up with the maintenance of a home can be difficult for anyone, but it is often harder for older individuals. In a rented space, maintenance teams provide for many aspects of home upkeep. In some senior communities, you can even rely on extra support for tasks like mowing the lawn or internal repairs.
Enhanced Security
Statistics have shown that seniors who live on their own in a home are a greater target for home invasions. One advantage of renting a cottage or apartment is the proximity to others and the added security a community offers.
Many rental communities, particularly those meant for seniors, are gated and have 24-hour onsite security. This helps give senior renters peace of mind when it comes to their safety and well-being.
On-Site Emergency Response Services
When you’re deciding whether to rent or buy as a senior, you may want to consider age-restricted rental communities. These communities provide certain services tailored specifically for seniors, ensuring that you have all the support you need.
One essential service often included is monitored emergency response. As you age, health concerns may lead to unforeseen emergencies. Rental properties designed for seniors include emergency response services that can attend to health-related incidents right away.
Built-In Home Amenities
Seniors renting a cottage or apartment in a community designed specifically for them can expect homes to include specific built-in amenities that make life a little easier. This could include a number of things, from handrails in the shower to walk-in tubs. When buying a home, amenities for seniors are often not included unless the previous homeowner needed them. The costs of purchasing and installing the in-home amenities you may need can be high.
Senior Cottages And Senior Apartments for Rent at The Davis Community
If you are interested in rental options for seniors, The Davis Community in Wilmington, NC, provides beautiful senior cottages and apartments for rent. Our aesthetically pleasing homes are built specifically to meet the needs of seniors, and help maintain independence without any hassle. We provide everything you need to feel comfortable from 24-hour security to top-quality appliances, and diverse campus amenities.
If you are interested in renting one of the cottage or apartment homes, please call us today to find out more.